Addex Therapeutics Q1 Loss Narrows Amid Sharply Lower Income

(RTTNews) - Addex Therapeutics Ltd. (ADXN) reported Thursday narrower net loss in its first quarter on the absence of prior year's loss from discontinued operations and lower expenses, despite sharply lower income from last year.

The Swiss clinical-stage biopharmaceutical company focused on neurological disorders reported that first-quarter net loss was 1.47 million Swiss francs, compared to loss of 3.09 million francs a year ago. Loss per share amounted to 0.01 franc, compared to loss of 0.03 franc a year ago.

The narrower loss primarily reflected the absence of prior year's discontinued loss of 2.35 million francs related to activities divested on April 2.

On a continuing operations basis, the prior year's loss was 0.74 million francs or 0.01 franc per share.

Total operating loss narrowed to 0.61 million francs from loss of 0.79 million francs a year earlier.

R&D expenses decreased by 0.1 million francs from last year to 0.16 million francs, and G&A expenses decreased by 0.3 million francs to 0.78 million francs.

Income decreased to 0.07 million francs from 0.24 million francs a year ago, primarily due to the completion of the service agreement with Indivior on June 30, 2024.

At the end of the first quarter, the company's cash position was at 2.8 million francs.

Tim Dyer, CEO of Addex, said, "We have had a great start to 2025 both in terms of product development and achieving business milestones. Progress continues well and on track with our GABAB PAM drug candidate in chronic cough. Positive data from this program in multiple preclinical models was recently presented at the prestigious American cough conference. We have also regained rights to our Phase 2 mGlu2 PAM asset, ADX71149."

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.